Gold Well Supported, Dollar Index Stays Weak

Published on Dec 03, 2020 12:26

COMEX Gold futures jumped further today to hit one week high. The metal had spiked yesterday as familiar supportive factors like weakness in US dollar and easy US monetary policy boosted the metal above $1800 per ounce. The US Fed Chief Jerome Powell noted yet again that Fed will keep rates low and until economy is clearly past danger from pandemic. COMEX Gold futures are currently trading at $1838 per ounce, up 0.44% on the day. The US dollar index is around its two and half year low and is lingering around 91 mark. This weakness in dollar pushed Gold up despite continued Covid-19 vaccine optimism. The UK became the first country to approve the Covid-19 vaccine developed by Pfizer Inc and its German partner BioNTech SE. The vaccine will be available from next week, according to a statement from the UK government